Investing
Japan’s Seven & i expands 7-Eleven empire with purchase of Australian franchise
© Reuters. The logo of Seven & I Holdings is seen at its headquarters in Tokyo, Japan December 6, 2017. REUTERS/Toru Hanai/File Photo
By Scott Murdoch and Abigail Summerville
SYDNEY (Reuters) -Japanese retail conglomerate Seven & i Holdings said on Thursday it has agreed to purchase the 7-Eleven convenience store chain in Australia for A$1.71 billion ($1.1 billion), further expanding its ownership of the brand.
The Australian convenience and petrol retailer, owned by the Withers and Barlow families, kickstarted the process to sell the business – which consists of 751 stores – earlier this year.
The deal will allow Seven & i to establish “itself as the clear industry leader in the Australian convenience store market, which has significant growth potential,” the Japanese company said in a statement.
It added that it saw room for further growth by actively opening new stores in most Australian states.
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